On the one hand Facebook is one of the most complex customer data businesses in history. Oh alright, the most complex. On the other it has the resources and operational drive to comply with GDPR well ahead of deadline.
Whatever the size of your business, you'd better make sure you are ready. The stick? Huge fines that will seriously dent profitability and shareholder return.
The carrot? Become a genuinely modern, fit for purpose customer data/privacy business. And it won't end with GDPR. The processes you put in place will prepare you for the customer data - privacy revolution that is just around the corner.
“Our apps have long been focused on giving people transparency and control and this gives us a very good foundation to meet all the requirements of the GDPR and to spur us on to continue investing in products and in educational tools to protect privacy,” Sandberg said. Companies found to be in breach of GDPR face a maximum penalty of 4% of global annual turnover or €20m (£17.77m), whichever is greater. In Facebook’s case, based on a total revenue of $27.6bn in 2016, the maximum possible fine would be $1.1bn.
